Crypto Exchange GMX Proposes Deployment on Coinbase's Base Blockchain
The GMX exchange currently has $582 million in total value locked across Arbitrium’s and Avalanche.
Decentralized derivatives exchange GMX has the support of its community over deploying the protocol on Coinbase's (COIN) recently-announced layer 2 blockchain, Base.
Several members of the GMX community are in favour of expanding the platform to another blockchain, according to a post on the GMX governance forum.
GMX offers spot and derivatives trading and it currently has $582 million in total value locked (TVL), making it the largest decentralized finance protocol on Arbitrium’s, according to Defilement.
Base, meanwhile, is a layer 2 blockchain that has been developed using Optimism's OP stack, it will feed into the Ethereum main net and will not feature a native token, unlike the recently-airdropped Arbitrium’s token.
Whilst the majority of GMX forum users were in favour of the exchange becoming a "first mover" on Base, others had concerns over whether the project's pseudonymous founders would need to submit identification documents to Coinbase in line with anti-money laundering regulations.
In an interview on Bloomberg radio, Coinbase CEO Brian Armstrong hinted at there being KYC restrictions when the blockchain goes live. The GMX token, native token of the GMX exchange, is trading at $77.25 at press time having increased by 88.48% since the turn of the year, according to Crypto watch. Decentralized derivatives exchange GMX has the support of its community over deploying the protocol on Coinbase's (COIN) recently-announced layer 2 blockchain, Base. Several members of the GMX community are in favour of expanding the platform to another blockchain, according to a post on the GMX governance forum. GMX offers spot and derivatives trading and it currently has $582 million in total value locked (TVL), making it the largest decentralized finance protocol on Arbitrium’s, according to Defilement.
Base, meanwhile, is a layer 2 blockchain that has been developed using Optimism's OP stack, it will feed into the Ethereum main net and will not feature a native token, unlike the recently-airdropped Arbitrium’s token. Whilst the majority of GMX forum users were in favour of the exchange becoming a "first mover" on Base, others had concerns over whether the project's pseudonymous founders would need to submit identification documents to Coinbase in line with anti-money laundering regulations. In an interview on Bloomberg radio, Coinbase CEO Brian Armstrong hinted at there being KYC restrictions when the blockchain goes live. The GMX token, native token of the GMX exchange, is trading at $77.25 at press time having increased by 88.48% since the turn of the year, according to Crypto watch. Thank you for watching our videos
